Financial Accounting Under Or Over-applied Overhead Assignment Homework Help

Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date.

Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 20×2 for direct labor and manufacturing
overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year follow.

Job no. 2077 was completed in January 20×2; there was no work in process at year-end. All jobs produced during 20×2 were sold with the exception of job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or overapplied overhead
to Cost of Goods Sold.

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